GoldON Completes Second Field Program at Springpole East in the Red Lake Mining District, Ontario The Property adjoins First Mining Gold’s Springpole Project, one of the largest undeveloped gold deposits in Canada at 3.8Moz probable reserves
FOR IMMEDIATE RELEASE
GoldON Completes Second Field Program at
Springpole East in the Red Lake Mining District,
Ontario
The Property adjoins First Mining Gold’s Springpole Project, one of the largest
undeveloped gold deposits in Canada at 3.8Moz probable reserves
VICTORIA, BC, October 24th, 2022 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or
the “Company”) is pleased to provide an update on e xploration activity at its Springpole East
property (the “Property”) in the Red Lake Mining District, Ontario (See Regional Map).
Figure 1: MAG Survey Data over Area Map with Prospecting Coverage.
Our initial field program conducted in June and July included prospecting, mapping, and sampling
of several areas of interest th at were identified from the high-resolution heliborne magnetometer
(MAG) survey flown over the Property in the sp ring. A total of 109 grab samples and 31 lake
sediment samples were collected in the initial program. The highest-grade sample (457 ppb gold,
sample E5830289) consisted of a 10 cm + quartz vein with silicified wall rock containing 2-3%
pyrite, from an angular boulder among several other quartz float on the south shore of a small lake
(see Photo 1). This sample also returned 467 ppm molybdenum (Mo), 7.95 ppm bismuth (Bi) and
5.88 ppm tellurium (Te). These elements are comm only associated with gold in orogenic gold
systems. Samples of chert south of Durkin Lake returned up to 82 ppb Au (see Figure 1).
Photo 1: Sample E5830289 – 457 ppb Au, 467 ppm Mo, 7.95 ppm Bi, and 5.88 ppm Te.
A follow-up field program was conducted in late September to revisit the anomalous samples and
investigate three other areas on the Property while weather permitted. These areas cover
geophysical (MAG) features of interest (magnetic highs which appear to be folded (Targets 1 & 3)
and a prominent magnetic low (Target 2), see Figure 1). A total of 34 grab samples were collected
during the recent program.
Follow-up work at the most anomalous samp le (E5830289) from the Phase I program yielded
several similar samples of float and outcrop on th e south shore of the lake. Efforts were aided by
lower water levels resulting in more exposure and easier access to the shoreline.
Target 1 is located northwest of Durkin Lake and along strike to the west from the most anomalous
sample obtained in the Phase I program (see Figu re 1). Here, several angular boulders of altered
granitic rock with quartz-feldspar veining and up to 1-2% disseminated to coarse pyrite were
sampled (see Photo 2). The foliated granitic rock is notably different from other samples collected
to-date on the Property. Felsic intrusive rocks may be an important factor for gold mineralization
on the Property, given that the Sp ringpole Deposit to the west is centered on a deformed trachyte
intrusion (First Mining Springpole Project Technical Report).
Photo 2: Quartz-feldspar vein with coarse pyrite in deformed, pyritic granitic rock.
Target 2 is located east of Durkin Lake (see Fi gure 1). Gossanous mafic volcanics in outcrop and
an angular boulder (possibly frost heave) of sandstone with 1-2% disseminated pyrite were sampled
in the recent program.
Target 3 is located in the southeast part of the Property at an east-west trending lake (see Figure 1).
Here, angular boulders or frost heave of banded iron formation with up to 1% pyrite stringers were
sampled on the north shore of the lake. Folded banded iron formation is commonly an excellent
structural and chemical trap for gold deposition (e.g., the Musselwhite, Pickle Lake and Geraldton-
Beardmore camps of Ontario).
Photo 3: Strongly magnetic, finely laminated BIF with 1% pyrite stringers.
On the north shore of Durkin Lake, a quartz vein system was sampled over a strike length of 1.3
kilometers, returning anomalous Mo (up to 681 ppm), Bi (up to 19.7 ppm), and Te (up to 3.03
ppm). This is a similar geochemical sign ature to sample E5830289 (457 ppb Au), though no
anomalous gold was obtained from these samples.
Sample assays for the second program along with rock geochemistry analysis are pending and the
results will be reported once received.
“Springpole East is a greenfield property in a favourable setting next door to a major deposit and
represents an excellent risk-reward scenario,” said Mike Romanik, president of GoldON.
“Exploration is our business, and we always try to prudently allocate capital with the goal of
making a new discovery.”
Figure 2: Regional map showing Springpole East location and GoldON’s other projects.
About the Springpole East Property:
The 6,674-hectare Property is located within the Birch-Uchi Greenstone Belt of the northern Uchi
Subprovince and consists of typical greenstone mafic to felsic volcanic sequences intercalated with
clastic and chemical sediments whic h have been intruded by pre- to syn-tectonic felsic to mafic
intrusives and syn- to post-tectonic mafic to ultra-mafic rocks.
The Property is comprised of 18 contiguous mining claims in the Keigat Lake Area township
approximately 40 km northwest of the Slate Falls First Nation community. Access to the Property
was by float plane from Kabeelo Lodge east of Red Lake. A new all-weather logging road extends
close to the southern boundary of the claims with extensions planned into the claim group in the
near future.
The western boundary of the Property adjoins the Springpole project owned by First Mining Gold
Corp. (TSX: FF), (See Figure 2) with the Springpol e deposit located 9 km to the west of the
boundary and hosting reserves of 3.8 million ounces of gold and 20.5 million ounces of silver. The
2021 pre-feasibility study of Springpole is highlighted by a 30,000 tonnes per day mining operation
with a life of mine of 11 years. See NI 43-101 Technical Report and Pre-feasibility Study on
Springpole Gold Project prepared by AGP Mining Consultants Inc., February 26, 2021.
Mike Kilbourne, P. Geo, an independent qualif ied person as defined in NI 43-101, has reviewed
and approved the technical contents of this news release on behalf of the Company.
About GoldON Resources Ltd.
GoldON is an exploration compan y focused on discovery-stage prop erties located in the prolific
gold mining belts of northwestern Ontario, Canada . Our current project portfolio includes seven
properties located in the Red Lake Mining District (McDonough, Springpole East, Red Lake North,
Pipestone Bay, Pakwash North, McInnes Lake, and West Madsen) and an eighth property located
in the Patricia Mining District (Slate Falls).
For additional information: please visit our website at goldonresources.com, you can download
our latest investor presentation by clicking here and you can follow us on Twitter at
https://twitter.com/GoldONResources.
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
Michael Romanik, President
GoldON Resources Ltd.
Direct line: (204) 724-0613
Email: [email protected]
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain “forwa rd-looking statements” that involve known and unknown risks, uncertainties,
assumptions and other factors that may cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements expressed or implied by the forward-looking
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